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Thanks for the answer, if I understood you correctly as long as I'm willing to contact the brokerage voluntarily on closing day and authorize my lawyer to disperse the commission percentage indicated on your signed Listing Agreement, then there is no reason for me to involve my Realtor at all and by bypassing Realtor I will not be breaking any laws, right?
I just have one follow up, once the buyer signs the offer with me privately, can he make a deposit by a certified cheque payable to my name or it has to be made payable to my lawyers name (in trust) whom I may not have at the time of the deposit?
What is the best work around pertaining to the private deposit without involving the lawyer at that point of the process yet? After all, the buyer will still have get approved for the mortgage, yet, I want to have the peace of mind that the buyer is committed to the acquisition of my property!
I really appreciate you going the extra mile!
Thanks for being extra kind to me here, I will gladly accept your answer right after this final follow up.
Are you aware by any chance whether everything that you have stated above will be applicable and valid in Ontario, Canada as well?
Perhaps in your long years or experience you had some exposure to Canadian laws pertaining to the questions that I asked. Any guidance would be greatly appreciated especially pertaining to my very first question that dealt with bypassing the Realtor in the transaction.
Thanks a lot!
Thanks for your kindness, I don't mind accepting your answer. However, if you insist, please kindly post this question under Canada Law section ASAP. Thanks.
By stating the following: "You do not need the realtor involved but so long as the realtor has not breached the contract you do have to honour your obligations to the realtor."
Are you referring to my obligation to follow through with the payment of commission at closing?
And even though I may still be under the Listing Agreement with a Realtor, there's no law that will prevent me from handling the entire transaction without her involvement and even her knowledge about it as long as once the sale is complete, the realtor's brokerage is made aware of the sale and the lawyer will offer to disperse the agreed commission to it, am I correct?
I have a lot of Realtors among our relatives, so they would be able to give me the necessary guidance along the way but we chose that particular Realtor mainly because we purchased this condo from her about 7 years ago and she specializes in that particular niche of condos that we have but it turned out to be a very unfortunate decision.
Thanks :) And in case I will not have a lawyer by the time a private buyer will be willing to sign an offer and leave me his or her deposit, will it be acceptable to ask for a certified cheque made payable to the seller’s name and have the signed offer reflect the receipt of such deposit? If yes, do I simply hold on to it and bring it with me to the lawyer or deposit in the bank and bring my own cheque in place of the one that the buyer has given me?